It's Been A Busy Morning in The Economy, But It Can All Be Summarized In Two Sentences

It’s been a busy morning.

Two sentences from Dave Lutz at Stifel, Nicolaus are all you need though to sum it up .

The DAX (Germany) is up almost 1% as the € is getting hit on rate-cut speculation as the German PMI print falls to a 5M low.  EU Fins having another banner day, popping 2.5% on the back of Portuguese and French banks.  

Basically, the expectation is that the data is now bad enough, such that the ECB will spring into action.

In addition to the Germany/Euro story, the other big event was the China PMI miss, which helps underline the global growth slowdown story.

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